JPMorgan backs UK's EU membership as good for trade -FT

Reuters Staff

2 Min Read

Jan 22 (Reuters) - JPMorgan Chase & Co said in a submission to the UK Treasury that the country will get what it wants on cross-border rules if it negotiates as part of the European Union, the Financial Times reported on Wednesday.

The UK Treasury declined to comment on any submissions.

The U.S. bank said the UK could lose its clout in trans-Atlantic trade and regulatory disputes if it leaves the EU, according to the Financial Times.

“The UK’s objectives for sensible outcomes to cross-jurisdictional disputes are more likely to be achieved as part of the EU, rather than via bilateral discussions,” the newspaper reported Daniel Pinto, co-chief executive of JPMorgan’s corporate & investment bank, as writing in the submission.

U.S. bank Citigroup Inc also recently urged the UK not to opt out of the EU, saying it could hurt the economy and reduce investment from international companies.

European aerospace group Airbus, one of the country’s largest employers, as well as consumer goods company Unilever , have voiced concerns over the possibility of the UK leaving the EU.

Prime Minister David Cameron promised voters he would renegotiate the terms of EU membership before holding a referendum on by 2017 if his ruling Conservatives win elections next year. Finance minister George Osborne recently warned the EU that it must reform if it wants the UK to remain.